Electric Vehicle Transmission Market Size [2021-2028] worth USD 20.90 Billion | exhibiting a CAGR of 16.6%
Fortune Business Insights
5 min read
Fortune Business Insights
Electric Vehicle Transmission Market to Hit USD 20.90 Billion by 2028; Dana Launches and Expands TM4 SUMOTM HP Motor and Inverter Series to Gain Momentum: Fortune Business Insights™
Pune, India, May 19, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle transmission market size stood at USD 5.26 billion in 2020. The market is estimated to rise from USD 7.14 billion in 2021 to USD 20.90 billion by 2028 at 16.6% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Electric Vehicle Transmission Market, 2021-2028.”
According to the analysis, the rising requirement to avert environmental crisis and safeguard natural resources has motivated the attentiveness of producers and manufacturers regarding the development of electric vehicles (EVs). EV have several advantages over fuel-powered vehicles. Owing to this, the demand and production of EVs have greatly increased in recent years lead to the surging demand for transmission systems.
List of Key Companies Profiled in the Market Report:
Continental AG (Hanover, Germany)
AISIN SEIKI CO., LTD. (Aichi, Japan)
ZF Friedrichshafen AG (Friedrichshafen, Germany)
AVL List GmbH (Graz, Austria)
BorgWarner Inc. (Michigan, U.S.)
Allison Transmission Inc. (Indiana, U.S.)
Dana Limited. (Ohio, U.S.)
JATCO Ltd (Shizuoka, Japan)
Schaeffler Technologies AG & Co. KG (Herzogenaurach, Germany)
Eaton (Dublin, Ireland)
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2021-2028
Forecast Period 2021 to 2028 CAGR
16.6%
2028 Value Projection
USD 20.90 billion
Base Year
2020
Market Size in 2021
USD 7.14 billion
Historical Data for
2017-2019
No. of Pages
200
Segments covered
AMT Transmission, CVT Transmission, AT Transmission, and Others
Growth Drivers
Growing Demand for Fuel-Proficient and Low-Emission Automobiles to Spur Growth
Important Companies to Embrace Smart Approaches and Expand their Market Existence
COVID-19 Impact:
COVID-19 to Deteriorate Demand Stoked by Provisional Lockdown of Industrial Units
The outbreak of the COVID-19 pandemic has activated a fright for Europe as well as the international automotive industry. As per the Czech Automotive Industry Association, the production plants are moderately shut down, and the demand is anticipated to decline by as much as 20% in 2020. Several automobile producers are concerned regarding the fact that this coronavirus pandemic is likely to terminate production procedures. Moreover, global EV sales are potentially weakening.
The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Drivers and Restraints:
Growing Demand for Fuel-Proficient and Low-Emission Automobiles to Spur Growth
As gasoline is a fossil fuel and is not a renewable energy resource, it is projected to be drained in the upcoming period. Electric vehicles refrain from using gasoline and offer low emission, in comparison with traditional automobiles. Gasoline-motorized vehicles transform nearly 16%-20% of the energy stored in gasoline to wheels, whereas electric vehicles convert over 50% of electric energy from the power source to the wheels. This is expected to bolster the electric vehicle transmission market growth during the forecast period.
Important Companies to Embrace Smart Approaches and Expand their Market Existence
Automotive companies operate significantly on the importance of the product and its demand in the market. Moreover, in order to upraise their market size & share, and to achieve a competitive advantage, several dominating players are affianced in numerous tactical contracts in order to promote their brand as well as strengthen company sales.
Segmentation:
AT Transmission Segment to Dominate the Market
On the basis of transmission systems, the market is separated into AMT transmission, CVT transmission, AT transmission, and others. The AT transmission segment holds the major share in the global market.
In terms of transmission type, the market is classified into single speed and multi-speed.
On the basis of vehicle type, the market is categorized into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.
Geographically, the global market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Regional Insights:
Asia Pacific to Hold the Lion’s Share
Asia Pacific was worth USD 2.63 billion in 2020 and held the largest electric vehicle transmission market share. Based on regional analysis, this region is dominant in the global market and is also anticipated to display sudden growth in the upcoming years.
Furthermore, vital players, such as Tesla, are spending on research and development activities of transmission systems in North America, subsequently bolstering the market growth in this region.
Europe is probable to exhibit augmented growth, owing to the imposition of strict emission guidelines in this region.
Industry Developments:
January 2020: Dana presented and extended TM4 SUMOTM HP Motor and Inverter Series, transforming electrification technologies into being more implementable.
Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments - Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
SWOT Analysis
Technological Developments
Value Chain Analysis
Impact of COVID-19 on Electric Bus Market
Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
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